Shortly after, the fridge can be just self-filling, has the bed cover shakes autonomously and neatly put in place. Just because the car brings to its owner's home and parks itself securely in the System-designated Parking space. It all happens in the same Moment, as the heating communicates with the Thermometer, and the perfect operating temperature is reached.

What sounded like a few years ago, still as shrill music of the future from the dream of the first world, is partly a reality – the Internet of things or Internet-of-Things, in short, the IoT.

The way

As Kevin Ashton in his essay for the first time the term "the Internet of Things" was used, not put Dominik Schiener shoes in the children. With his three years, he did not know at this time probably that he would develop years later for this is a payment option called IOTA.

But we are rowing back a little, the tangle of the Südtirolers with the crypto world begins years in advance. So he started at the age of 14, to hack computer games. With the sale of the Mods, he continued his Skills with the technical solutions early in the money. This he invested in an Advertising platform, and increased as its capital. He did, however, problems in connection with the regular digital payment processing. He had to pay his developers, but was still too young to log in to PayPal to log in and came across Bitcoin. With his already existing penchant for technology, he was thrilled and soon the Blockchain and its possibilities, and started GPU Mining.

With the earned capital, he built, together with Charles Hoskinson (at that time CEO of Ethereum) and Johann Gevers (Monetas), a Start-up in Zug, Switzerland, which failed ultimately. Reason for this is infra structural and / or regulatory as well as monetary problems. Nevertheless, Schiener more made.

What followed were wins at several Hackathons in Shanghai, Berlin and London. Finally, he landed at the German Tech Entrepreneurship Center Blockchain Contest in Berlin in the second place.

the development of IOTA came. Together with David Sønstebø, Sergey Ivancheglo and Dr. Serguei Popov Schiener decided to makeover, the Blockchain technology.

Tangle – a proper maze

The structure that underlies IOTA, based on the effect not on the Blockchain, but on a directed acyclic graph – or Tangle. The Innovative Tangle is the parallel processing of transactions. Instead like the Bitcoin Blockchain, Block by Block each other, here, over, next to and mess worked a neat tangle up.

The advantage of this is obvious – with a Tangle, the Team Schiener want to allow the processing of many parallel transactions. All of this, though, and while the power is increased continuously.

So it is in principle infinitely scalable – without the blocks, there is also no restriction for their size. If you want to know, what's the deal with scalability, as can be read here. A further innovation is the coupling of miners and users are decoupled in the traditional Blockchain is. In addition, the technology is intended to protect against quantum computers, and Off-Chain payments to make IOTA possible. In addition, IOTA promises free transactions. In short: With IOTA and the underlying Tangle the developers want to solve the well-known obstacles of the Blockchain and a revised approach to counter it.

IOTA was investors delight

These promised new features were apparently convincing. The Potential seemed so great that it attracted several large investors, Microsoft, Volkswagen and Samsung, and Bosch has bought finally.

As a payment mechanism for micro-transactions, the amount of 2.779.530.283.277.761 IOTA was set from the outset. However, in contrast to Bitcoin where the Coins are mined, it was distributed the full amount of IOTAs at the beginning of the project.

in the end, the Team Schiener stresses again and again the Use Cases of IOTA. And here, the above-described Internet comes again to the things into the game. If these communicate with each other and certain operations order, you need to be ultimately paid as well. Here IOTA is to take care of the Rest. Machines in the future, buy each other data, resources, and Services, and sell. The refrigerator paid for the cheese itself.

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